What Does Fiduciary Mean?

By Melinda Gustafson Gervasi
Fiduciary is a term in estate planning that connects a person who is acting on another's financial behalf.  Usually it is coupled with "responsibility".  When explaining it to clients who are executing powers of attorney for finance, I explain that the person they are appointing to act for them has a duty or responsibility to acting reasonably.  Essentially, if they are managing the money, they should not run off to Las Vegas with it.

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